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Tuesday, May 30, 2023

REN, Interoperability and Liquidity Provider

De-Fi platforms allows much more functions as compared to other financial platforms. Sometimes it’s not clear if you can use your assets in defi to use functions like yield farming etc. It’s the fact that normally blockchains don’t normally connect to each other and the communication gap is big. This gap can be finished that allows the blockchain to connect with each other. This is known as blockchain interoperability. This way you use coins on different blockchains such as BTC and defi functions.

One of such protocol that achieves blockchain interoperability is REN. REN converts the native token to an equivalent version on Eth that can then be used on DeFi. This way users can use any native token and a blockchain with smart contracting to allow the interoperability. For example, BTC can be processed and minted by REN and produces renBTC that holds equal value (same ratio) which can then be used on the target blockchain.

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REN Token and its use

REN token is used by the REN to keep the ecosystem stable and in use. The token is used to allow the working of Darknodes. The nodes are kept in dark and they don’t know the information that they are processing so to setup and run a node 100,000 REN tokens are required to operate to minimize the use of malicious nodes. Just like PoW (Proof of work) and PoS (Proof of Stake) works to use computational power and staking to control the creation of blocks, REN network uses the specific amount of REN to allow the creation of DarkNodes.

Price Change Details

The coin had created its All Time High on April and reached a price of almost $1.84 before falling down to a price of almost $0.0151 by losing 95% of its value. At the time of writing this article REN is being traded at a price of $1.04 with an increase of 7.40% in the last 24 hours. A good pump at the start of Q$ of 2021. The price has been continuously printing green candles for the past 4 months and has shown gains of 17.36%, 73.06%, 23.86, 10.52% respectively. Since the reversal the price has shown incredible run and gave amazing returns. In the past 24 hours the volume has increased by 23.02%.

The circulating supply is around 1B REN. It is listed at 94th on coinmarketcap with a dominance of 0.05%

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